WANT TO KEEP IT SIMPLE

[gsmith2591]

I live in the state of Florida and will be moving back to Ohio in June. My husband and I will be getting a divorce as I do not expect to ever move back to Florida. The divorce will be uncontested as my husband and I are still friends. He got the mortgage on our house before we were married, however, the house was re-financed to do some major remodeling and my name had to be added in order for us to get the loan (something about homestead law). I do not want any part of the house as I will be living out of state. Am I still held liable if for some reason he should be unable to make payments? We have no other joint property. We want to keep this divorce as simple and as inexpensive as possible as it is uncontested. Thank you.

 

[I AM ALWAYS LIABLE]

My response:

Sorry to burst your bubble for "simplicity", but in order for you to be protected against his potential default on the mortgage, one of you is going to have to refinance the home into one name, only - - either you or him. As long as your name appears on the current contract, you're on the hook no matter what.

If neither of you can swing the refinancing of a new mortgage on your own, then the only other recourse is to sell the home.

IAAL